The Power of Our Oceans

Overview

The Power of Our Ocean, produced by the Ocean Renewable Energy Action Coalition (OREAC), supported by GWEC, sets out a bold global vision for deploying 1.4 TW of offshore renewable energy by 2050, primarily offshore wind, to help deliver a net-zero future.

The report outlines how ocean-based renewable energy can supply 10% of global electricity, reduce over 2.3 billion tonnes of CO₂ annually, and create long-term economic, environmental and social benefits worldwide. This is a practical roadmap for countries seeking to unlock the potential of their oceans while ensuring responsible environmental stewardship and sustainable development.

Key Findings

Offshore wind can deliver 10% of the world's electricity by 2050

OREAC’s vision of 1.4 TW of offshore wind would generate 5,400 TWh annually, supporting climate goals and enabling broad electrification across industry, transport, heating, and hydrogen production.

Ocean-based renewables could reduce up to 2.5 billion tonnes of CO₂ annually

This represents a major share of the 21% mitigation potential the ocean can contribute toward limiting global warming to 1.5°C.

Offshore wind is now competitive, scalable and affordable

Costs have dropped dramatically—from $150–200/MWh in 2015 to below $60/MWh in 2019—thanks to continuous deployment, innovation, and maturing supply chains. Offshore wind can already undercut new fossil fuel generation in many markets.

Deployment delivers major economic benefits

A single 500 MW project creates 2.1 million person-days of work, revitalises coastal economies, drives investment in ports and infrastructure, and stimulates clean industrial development.

Marine spatial planning (MSP) is essential for sustainable growth

MSP helps countries balance marine uses, reduce conflict, protect ecosystems, and create predictable pathways for offshore wind development. Effective coexistence with fisheries, shipping, aquaculture and tourism is achievable with data-driven planning.